Verge has surged more than 500% | Now what next???Hi friends hope you are well and welcome to the new update on Verge coin. After mid of March 2020 the XVG coin has surged more than 500%. In today's post we will try to understand this move of price action of Verge coin.
The expected bullish Shark:
In July 2019 I posted a chart. Where XVG was expected to complete the formation of bullish Shark pattern on weekly chart. And I predicted that as per Fibonacci sequence of Shark the priceline will move up from the potential reversal zone atleast between 0.382 to 0.786 Fibonacci projection of C to D leg. Below was that chart:
After the completion of the final leg of bullish Shark pattern. When the price action entered in the potential reversal zone unfortunately the priceline of Verge broke down this PRZ level in September 2019 and the stop loss was triggered. Then in November 2019 the price action again entered in the potential reversal zone and during this the price action also started the formation of another bullish Shark. Then after mid of March 2020 the XVG took a powerful police divergence from the potential reversal zone of this 2nd bullish Shark patter and produced more than 500% powerful bullish rally.
Breakout from the channel:
After March 2020 the price action of Verge was moving within in up channel like every top cryptocurrency. But the difference between the other cryptocurrencies and XVG is that most of them are still moving within this channel even some of them has broken down this channel. But Verge has broken out the resistance of the channel. If we watch on 14th May then the price action was moving at the support of the channel. But after the tweet by the verge currency it turned bullish and broke out the resistance of the channel and rallied more than 200%.
Breaking out the $0.005 and moving towards the next resistance level:
The XVG had very strong resistance at $0.005. This resistance was not broken out since August 2019. But after the announcement of halving the price action of Verge has broken out this resistance very easily and now moving towards the next resistance of $0.01.
Simple moving averages:
If we place the simple moving averages with the time period of 25, 50, 100 and 200. Then it can be observed that the price action has crossed up the simple moving averages and the altitude of the price line is very high. And it does not have any immediate support of simple moving averages. Therefore if the price action of XVG will move down to retest the 25 SMA then it can retest the $0.005 level as support that was working as resistance before 8th Jun.
Breaking out the big wedge pattern:
Now if we switch to the long-term weekly chart then Verge has formed a very big falling wedge pattern. And after taking bullish divergence of more than 500% the XVG has broken out the resistance of this big wedge pattern. During this rally the price action has broken out the 25 and 50 simple moving averages on this long term weedkly chart. And at this time the price action is struggling to break out the 100 simple moving average resistance level. If we take a closer look on the chart then it can be observed that 25 SMA is moving up to form a bull cross with 50 simple moving average just below the candlesticks. If this cross will be formed then it will be a very strong bullish signal and it can trigger more powerful move. The more positive signal is that the volume profile of the complete price action moving within this wedge pattern is showing the trader’s interest at $0.014. Therefore if the 100 simple moving average resistance will be broken out then we will witness a very rapid move up to this level.
Now if someone wants to buy Verge here and he or she should wait for one of two things. Whether the price action breakout the 100 simple moving average and then buy or wait for the correction rally up to $0.005 and try to buy at this level.
Conclusion:
The XVG is trying to breakout 100 SMA on weekly chart once this resistance will be broken out then more powerful rally can be expected. In case the priceline won’t be able to breakout this 100 SMA resistance then a bearish rally upto $0.005 can be expected
XVGUSD trade ideas
XVGUSD LONG TERM PERSPECTIVEreaching that point of bottom?
the green box indicates possible Adam + Eve reversal pattern
thepatternsite.com
Don't miss the great buy opportunity in XVGUSDTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.00600). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. XVGUSD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 73.
Take Profits:
TP1= @ 0.00830
TP2= @ 0.00960
TP3= @ 0.01120
TP4= @ 0.01660
TP5= @ 0.02040
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤
Don't miss the great buy opportunity in XVGUSDTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.00600). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. XVGUSD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 73.
Take Profits:
TP1= @ 0.00830
TP2= @ 0.00960
TP3= @ 0.01120
TP4= @ 0.01660
TP5= @ 0.02040
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤
Don't miss the great buy opportunity in XVGUSDTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.00600). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. XVGUSD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 73.
Take Profits:
TP1= @ 0.00830
TP2= @ 0.00960
TP3= @ 0.01120
TP4= @ 0.01660
TP5= @ 0.02040
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤
XVG THREE WHITE SOLDIERSthree white soldiers add strength to the idea that the bear market has ended and market sentiment has turned positive
pretty strong on the monthly timeframe - the month is not over yet but it looks positive thus far
engulfing the previous months candle body is also bullsih
not trading advice
Verge looking good
XVG READY TO LEAVE THE DOWNTREND18 MA LOWS now following price above the down slope in red
horizontal resistance is being challenged
positive changes for XVG
Good Risk to RewardSolid entry point for XVG. The risk to reward ratio is there. Might retrace a bit to 0.0032 but not lower.
xvgusd verge currency is halving twice a year. Next in one MonthHalving usually changes nothing in coin adoption.
It is a signal used by traders to pump the price and make some profit on money of honest hodlers.
Verge Currency Halving happening twice a year.
And this time the price could fall below 0.001 if the crush of world markets will start in next weeks.
Verge scallopScallop
Looking for a pullback then a strong rise
A lot of accumulation occurring
Keep holding
Verge: Something like thisVerge could play out something like this. TIme frame any not be accurate though.
When Monthly Fires Green. (XVG)Clear trend from the first major bullrun as it hit green consistently and ever since then we have had red monthly close for 2 and half years!
With cryptocurrency alt coins you really want to utilize big timeframes like the weekly and up for major turning points.
For best multi year cycle placements you want to look at the monthly for a long term hold.
I am just waiting for this one to Crossover and fire green on the monthly for a long term hold placement.
Let this be an example that sometimes it's better to wait for the long market exhaustion points and trade less.
Especially with altcoins.
Have an awesome day! 😁
Verge: Massive Pump incomingVerge: Massive Pump incoming
Digibyte along with Hex is leading the Bull Run. Last Bull run Digibyte was one of the first coins to pump, verge followed shortly after, doing a 11,000x or 1,100,000% percent jump.
#XVG $XVG #VERGEFAM #VergeCurrency .0037 Incoming? #BTC #BitcoinSays BUY ;)
200SMA
VPVR
Not Financial Advice!
Good Luck Traders!
